HK Ecosystem｜IOST × BitValue Capital 2023 Hong Kong Web3 Summit | Event Recap

The “2023 Hong Kong Web3 Summit” took place with great success in Hong Kong at the esteemed Productivity Building, located at 78 Tat Chee Avenue. Co-hosted by IOST and BitValue Capital, the summit brought together a remarkable array of participants, including notable names such as Alibaba Cloud, Animoca Venture, Cyberport, RACA, HashKey, and OSL. The event served as a dynamic platform for capital institutions, prominent blockchain projects, community media, DApp developers, KOLs, and Web3 practitioners from around the world to converge and explore new paradigms and possibilities in the ever-evolving realm of Web3.

Web2 to Web3, World to Hong Kong

The era of Web2 dividends is reaching its conclusion, and the phenomenon of the “Matthew Effect” where winners take all has emerged as a constraint to the innovative development of the internet industry. In the Web2 era, data and information were centrally managed in the cloud, struggling to keep up with the evolving internet landscape. This approach presented several limitations, including data complexity, centralization, opacity, and lack of trustworthiness. As a result, there is a need for the next generation of the internet to tackle these issues at their core. The emergence of Web3 has given hope that transcends the “readable and writable” nature of Web2 and embraces a paradigm of “readable, writable, and ownable.”

The most significant feature of Web3.0 is its decentralization. As the next generation of the internet, it reshapes the traditional internet trust model and empowers users. It provides better data privacy protection and autonomy for users, allowing them to have full control over their data without being constrained or controlled by traditional centralized networks.

As one of the international financial centers, Hong Kong has established the Web3 Association with the former Chief Executive of the Hong Kong Monetary Authority, Joseph Yam, as its chairman. In addition, the Hong Kong Web3Hub Ecological Fund has been launched to open new opportunities for the development of digital innovation and financial industries in Hong Kong, aiming to seize the high ground of Web3.

Currently, Hong Kong is supporting the rapid and stable development of Web3 by implementing a series of policies and guidelines. It is also safeguarding the healthy and sustainable development of Web3 in Hong Kong through the formulation and promotion of various industry standards and norms. We believe that the development of Web3 in Hong Kong will create unlimited possibilities and bring us more surprises.

2023 Hong Kong Web3.0 Summit | Event Recap

During the conference, IOST, along with esteemed ecosystem partners such as BitValue, Animoca Venture, and HashKey, expressed great optimism for the future development of the Web3.0 industry in Hong Kong. They outlined plans to further expand the Hong Kong market and announced the establishment of an accelerator called “223 Booster.” This accelerator aims to provide a comprehensive solution for global Web3.0 entrepreneurs, offering a one-stop platform for their growth and development.

Blake Jeong ,Co-CEO of IOST

The substantial and transformative shift from Web 2.0 to Web 3.0 emphasizes user empowerment, decentralization, and enhanced privacy, driven by individuals’ desire for sovereignty, thirst for benefits, and ambition to capitalize on opportunities, with adoption rates varying across industries and countries, yet ultimately leading to the Web 3.0 market surpassing its Web 2.0 counterpart and integrating evolved products and services seamlessly into our daily lives, reshaping digital interactions and engagement.

Makoto Ota Japan Lead of IOST

Web2 to Web3 is a digital movement that initiates the shift from “paying companies to be managed” to “incentivized to control our own identities and privacy”

Shawn Sha ,Co-Founder of BitValue Capital

Web 3 startups encounter various challenges beyond funding, such as marketing strategies, user acquisition, guidance, and sustainable operating funds. They require resources, experience, and technical support from web3 VCs. Compliance processes and costs are increasing, adding pressure to web3 VCs. These factors contribute to the industry’s long-term stability.

Ian Chan ,Cheif Market Development Officer of Cyberport

To foster the growth of Web3 and realize its enormous potential to transform the digital economy, talent cultivation, increasing adoption and raising public awareness are crucial.

Alex Chan , General Manager, Digital Transformation Division of HKPC

Web 3.0 has the potential to revolutionize not only the finance industry, but also other industries such as logistics, insurance, and even manufacturing. As such, it is poised to become one of the key drivers of Hong Kong’s digital economy.

Kevin Tao, Solution Architect of Alibaba Cloud

The transition from Web2 to Web 3 poses challenges and Alibaba Cloud has always been committed to offering customers reliable, stable, and worldwide cloud computing services.

James Ho, Head of Animoca Ventures

Web3 is the next evolution of the Internet, and Animoca has been there since this march from web2 to web3 began. Our mission at Animoca Ventures is to lead the way and guide startups and industry players on to this inevitable and exciting next phase of the internet.

Nenter Chow, Head of Portfolio Strategy at Animoca Ventures

We aim to create a Web3 ecosystem that ensures equal access to digital property rights for all. Our belief is that ownership serves as a fundamental driving force for innovation and growth, just like how countries with established and enduring property rights tend to have strong economies, whereas those without have weaker ones.

Matrixport, Kaman Heung, Director of Private Wealth of Matrixport

Underpinned by blockchain technology and driven by the rise of digital assets, will revolutionise how we shifting control back to users and creating unprecedented investment opportunities, thereby shaping a more decentralised, transparent, and inclusive digital economy.

RACA Team

web3.0 provides tools with respect to creators in all field in meaningful manner, springs new definition to digital economy and protects originality and intelletual properties.

Scofield, Founder and CEO of BSCStation

The transition from Web2 to Web3 is to revolutionize how we interact and transact online in the fast-paced digital world, Web3 hopes to give internet users a new era of freedom and empowerment.

Leon, Co-Founder of Spield Trading

The transition from Web2 to Web3 presents significant opportunities for quantitative hedge funds to leverage their expertise in data analysis, algorithmic trading, and risk management. By exploring emerging trends in DeFi, blockchain-based identity solutions, and traditional finance, hedge funds can position themselves for success in the Web3 era.

Jack Lee, investment Director of Plutus VC

There are a few mega trends under development globally and web2 to web3 is certainly one of them. We expect to see more web2 talents entering into the space with innovation to solve unsolved problems.

Frank, XHASH COO

The transformation from web2 to web3 will reshape business and economy, and this process requires more high-quality infrastructure providers to make it happen.

Jason, Founder of Omniverse Labs

Web3 and Web2 are not opposites but extensions of decentralization, fairness, and freedom. AI, blockchain, and Metaverse embody this extension in different ways: AI enhances productivity, blockchain transforms production relations, and the Metaverse provides a new platform for their integration. The combination of these elements holds immense potential, ushering in fresh opportunities and possibilities for the future.

Kaiyang ,Founder of Xbank

Moving into the Web3 space requires not only fewer hassles of using services but also a lower cost of economic decisions, where Web3-native lending plays an important role. xBank is an open money market starting from NFTFi and exploring potentials of leveraging Web3 liquidity to onboard new adopters.

Antony, CFO of Muxic

Beyond the fancy technicalities of decentralisation brought on by Web3 and all its metaversal possibilities; in the end the greatest gift it brings to artists and musicians from around the globe — is the community capabilities of truly connecting art and talent that are worth it… to the eyes and ears that truly deserve it.

Asher, Founder of Parallel HongKong

From web 2 to web 3, not only requiring users to adapt to newly merged technologies, more importantly, why would web 3 be needed? Does it bring more flexibility to the business? Or does the ownership of data matter? This big question needs to be figured out for the whole industry, after that, we would enter a new era!

Winchman, Founder of 852Web3

The shift from Web2 to Web3 brings a change in data ownership and fosters unique cultural and characteristic features. Decentralization encourages talent sharing, creating opportunities based on merit rather than traditional qualifications. Web3 has become a magnet for individuals seeking equal chances and has attracted a diverse community.

Nick Yoshida ,Platinum Egg(Climbers) Co-Founder

The transition from web2 to web3 is necessary and inevitable — we feel there are still some teething problems before mass adoption but as game developers, feel the most frictionless gateway is via games and we wholeheartedly look forward to a world where web3 is a standard…coming soon to a screen near you ;)

Ocean ,Cofunder of Twiplay Network

To bring more new crypto users & boost efficiency of crypto game release,marketing,conversion, Twiplay will serve as a bridge from web2 to web3 thru twitter integration & creator driven crypto game.……

Carter, the head of IOST Hong Kong, expressed his passion and excitement for the transition from Web2 to Web3

This transformation represents the arrival of a new digital era. As a prominent public blockchain, IOST will play a crucial role in driving this transition. In the future, we will foster the ecological development of IOST in Hong Kong and collaborate closely with partners, enterprises, and communities to achieve the transformation from Web2 to Web3. We firmly believe that, through our collective endeavors, IOST will create a more decentralized, secure, and innovative digital future for users.

At the end of the summit, we provided a platform for open discussions and free exchanges among attendees. Participants freely expressed their thoughts, shared their insights, and collectively explored and addressed various questions regarding Web3. Furthermore, the participating projects in the 2023 Hong Kong Web3 Summit prepared a blind box prize pool worth $3,000 (including tokens and income-generating NFTs) for the attendees.

While this edition of the summit was not open to physical attendance by the public, it was livestreamed in real-time on the Secondlive metaverse platform. The online participation surpassed all expectations, with over 100,000 sign-up requests, 5,000 attendees present online, and an astonishing digit of over 200,000 clicks recorded.

Web3 is now— marked by digital innovation, diversity, openness, collaborative development, and shared benefits. The purpose of this exchange was to bring the world’s most advanced blockchain core technology, outstanding blockchain startups, and projects to Hong Kong, further enhancing its global competitiveness, innovative capabilities, and leadership in the blockchain and crypto fields. The successful conclusion of the “2023 Hong Kong Web3.0 Exchange Conference” marks a milestone in IOST’s ongoing exploration of the Web3.0 frontier

The Event in the Media

Bloomberg

https://www.bloomberg.com/press-releases/2023-05-22/bitvalue-s-event-web2-0-to-web3-0-world-to-hongkong-shatters-boundaries-between-web2-and-web3

YahooFinance

BitValue's Event 'Web2.0 to Web3.0, World to HongKong' Shatters Boundaries Between Web2 and Web3

Please note that the following media outlets were present at the conference, observing and documenting the entire event. You can refer to them for further coverage of the summit:

• Benzinga
• BitGlobalnews
• Street Insider
• Digital Journal
• Apnews

About IOST

IOST, established in 2017 and headquartered in Singapore, is an enterprise-level blockchain application platform supported by globally renowned venture capital firms such as Sequoia Capital, IDG, and ZhenFund. With its core values of innovation, openness, collaboration, and sharing, IOST possesses a unique competitive advantage in the field of Web3 metaverse music. IOST 2.0 boasts high throughput and availability, making it a true Web3 blockchain operating system.

IOST 2.0 — The Merge IOST adopts a Beacon Chain + Smart Chain architecture compatible with EVM, and communication between the two will use the standard Engine API. Currently, IOST 2.0 continues to evolve and upgrade multiple subchains. These subchains include general-purpose EVM-based smart contract chains, as well as specialized subchains for NFT, gaming, AI Native, and more.

As a pioneer in Web3, IOST is dedicated to driving innovative development within the on-chain ecosystem. It has made significant progress in consensus algorithms (PoB/PoI), decentralized identity (DID), zero-knowledge proofs (SNARKs and ring signatures), Relay Based Protocol, DeFi, NFTs, AI, XR, and many other domains.

If you would like to hang out with the IOST community on chat or social media or discuss product development, we have something for everyone:

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HK Ecosystem｜IOST × BitValue Capital 2023 Hong Kong Web3 Summit | Event Recap was originally published in IOST on Medium, where people are continuing the conversation by highlighting and responding to this story.